Easing The Analysis Process
Analysing potential property deals takes time and effort but a new online tool could help to make the whole process easier and quicker.
1 April 2019
Prospects.app is a subscription based analysis package that allows users to run scenarios for different rent amounts, purchase prices and proposed renovations on properties they are interested in.
It also enables investors with multiple properties to manage their portfolio and review its performance, as well as compare potential new purchases against their existing portfolio.
Al and Tanya Check developed the tool which is accessible on any type of device through a web browser, removes the need for calculations and paper files when assessing a new purchase.
“It collates all the necessary information in an easy to use, accessible place with links to rates, rents and national sales data, and takes the stress and complexity away from the analysis process.”
Al and Tanya, who are investors themselves, initially built their product to support their own property investment journey.
Early on they attended a property coaching course which taught them valuable investment processes and strategies, but they soon realised that analysing each property deal takes lots of time, brain power and calculations.
“When we stacked them all together it felt complex, and felt pretty overwhelming. We just needed something different,” he says. That led them to develop Prospects.app.
“We used it with great effect to buy our last few properties and we are continuously reviewing what’s hot and what’s not as we look to buy again.
“We saw an opportunity to share it with other investors and enable them to keep their finger on the pulse across property market activity.”
Currently, there are two versions of the tool – one is aimed at first time property investors, the other is geared towards established investors. A version for commercial property is now under development.
Check says they want to keep learning what investors want in their toolbox and are keen to get feedback from users on how to further improve the tool.